How bad does going over your credit limit effect your credit report and fico score?

This was a first offense and I was curious what kind of adverse effects this would have on me. Please keep in mind that I have been a perfect customer up to this point.

How bad does going over your credit limit effect your credit report and fico score?

Some but you really need to worry about the debt ratio.

http://www.cbsnews.com/stories/2005/10/1...

How bad does going over your credit limit effect your credit report and fico score?

going over your credit limits on your credit cards will seriously affect your score in an adverse manner. A FICO score is based upon the likelyhood that you will file bankruptcy. The major factor in this determination is the balance that you carry on your revolving debt (credit cards). The higher balances that you carry, the lower your score is. Obtain a copy of your credit report, and when you look at your score you will also see the reason that your score is what it is. Other than delinquency, the second highest reason for a lower score is high balances on your credit cards. If you only have one credit card that is currently over it%26#039;s limit, I wouldn%26#039;t worry too much. It%26#039;s the people that carry several cards that are at or near their limit that have to worry. Good luck!!

How bad does going over your credit limit effect your credit report and fico score?

Congratulations on learning about protecting your credit score. This will serve you very well throughout your life. Going over you limit will NOT affect your credit score. You will be charged a penalty fee by your credit issuer and there may be terms in your credit card agreement that allows them to raise your interest rate if you go over limit or pay late. However, credit card companies only report timliness of payments. Therefore, as long as you pay at least your minumum payment on time you will not see a difference in your score.

What will affect your score is your available balance changes. Along with your timliness, the card company will report your total credit line and your current available credit. It is best to have your balance below 30% of your total available credit. If you are constantly at your limit, even if you pay it off every month, your revolving balance is going to look like it is above 30%. The higher your revolving balances are, the more it looks liek you are just scraping by and/ or living beyond your means with your credit as a crutch.

Hope this helps. I have provided some links to give you more information.

Good luck!

How bad does going over your credit limit effect your credit report and fico score?

how bad does going over my credit limit effect my credit report and fico score